Star Bulk Carriers Corporation (NASDAQ:SBLK) Q2 2023 Earnings Conference Call August 4, 2023 11:00 AM ET

Company Participants

Christos Begleris - Co-CFO

Nicos Rescos - COO

Charis Plakantonaki - Chief Strategy Officer

Petros Pappas - Founder, CEO & Director

Hamish Norton - President

Simos Spyrou - Co-CFO

Conference Call Participants

Christopher Robertson - Deutsche Bank

Omar Nokta - Jefferies

Operator

Thank you for standing by, ladies and gentlemen, and welcome to the Star Bulk Carriers Conference Call on the Second Quarter 2023 financial results.

We have with us Mr. Petros Pappas, Chief Executive Officer; Mr. Hamish Norton, President; Mr. Simos Spyrou; and Mr. Christos Begleris, Co-Chief Financial Officers; Mr. Nicos Rescos, Chief Operating Officer; and Ms. Charis Plakantonaki, Chief Strategy Officer of the company. [Operator Instructions]. I must advise you that this conference is being recorded today.

We will now pass the floor over to 1 of your speakers, Mr. Begleris. Thank you. Please go ahead.

Christos Begleris

Thank you, operator. I am Christos Begleris, Co-Chief Financial Officer of Star Bulk Carriers, and I would like to welcome you to our conference call regarding our financial results for the second quarter of 2023.

Before we begin, I kindly ask you to take a moment to read the safe harbor statement on Slide #2 of our presentation.

In today's presentation, we will go through our second quarter results, cash evolution during the quarter, an overview of our balance sheet, an update on fleet and operations, the latest on the ESG front and our views on industry fundamentals before opening up for questions.

Let us now turn to Slide #3 of the presentation for a summary of our second quarter 2023 highlights. Net income for the second quarter amounted to $44 million, and adjusted net income amounted to $49 million or USD 0.47 per share adjusted earnings. Adjusted EBITDA was $96 million for the quarter.

For the second quarter, as per our existing dividend policy, we declared a dividend per share of $0.40 payable on or about September 7, 2023. During this quarter, we bought back 307,439,000 shares at a cost of $6.1 million. Since 2021, dividend distributions and share buybacks exceed $1 billion or $10.5 per share.

On the top right of the page, you will see our daily figures per vessel for the quarter. Our time charter equivalent rate was $15,835 per vessel per day. Our combined daily OpEx and net cash G&A expenses per vessel per day amounted to $5,824. Therefore, our TCE less OpEx and G&A is approximately $10,000 per vessel day.